Based in Illinois, Codilis & Associates also has offices in Indiana, Texas, Missouri, and Wisconsin. The Codilis legal team works with clients in the mortgage banking industry, resolving issues affecting loan servicers, lenders, and investors. Among Codilis and Associates’ areas of knowledge are homeowners association (HOA) condo assessments and property violations.
Beyond regular dues, HOA assessments comprise a special evaluation that community members contribute toward covering un-budgeted, unexpected, and emergency costs. An example would be a storm that hit and damaged the common swimming pool area. In cases where insurance does not fully cover necessary repairs, the HOA will typically use money collected from association funds. If this also fails to cover the expense, a special assessment fee may be charged to homeowners. Another situation that might warrant a special assessment is when a homeowner defaults on the monthly dues they have committed to pay. If enough defaults occur, a budget deficit can arise that requires covering unanticipated expenses. Calculating such assessments involves dividing the total amount among association members, often in an equal split, unless the governing documents stipulate otherwise. Limitations are placed on HOA assessments, such as state prohibitions on associations charging in excess of a certain percentage of gross budgeted expenses (without majority member approval). In addition, governing documents must define terms of adequate notice, to give homeowners enough time to pay for special assessments.
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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